MAHB to acquire remaining 40pc stakes in ISG, LGM
Published on: Saturday, October 25, 2014
KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) has exercised its right of first refusal to acquire the remaining 40 per cent stakes in Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim, Yapim ve Isletme A.S. (ISG) and LGM Havalimani Isletmeleri Ticaret ve Turizm A.S. which is currently owned by Limak Group for RM1.18 billion.MAHB, Limak and GMR had first formed a 20-40-40 consortium in 2008 for the development of the greenfield airport with the capacity of 25 million passengers, the company said in a statement here Friday."Although MAHB will gain full ownership of the airport, the existing management structure will not change and the airport will continue to be managed by the existing Turkish leadership team that will report to the ISG board as usual.
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"Originally, MAHB had participated closely and led the planning of the flows in the new terminal, the transfer of operations from the old to the new terminal and seconded its staff as key operations personnel," it said. However, once the operations had stabilised and outstanding Turkish professionals were hired and trained, MAHB said it had brought back its staff.MAHB said it was currently deliberating on the most appropriate funding structure for the acquisition and further details on the proposed funding would be announced once finalised. "Notwithstanding this, MAHB will secure the necessary bridging facilities and/or drawdown its existing facilities to finance the acquisitions if needed," it said.
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